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UPDATE 1-Uranium One reports increase in reserves, shares up
February 1, 2010 / 3:07 PM / 8 years ago

UPDATE 1-Uranium One reports increase in reserves, shares up

* Proven, probable reserves in Kazakhstan increase 400 pct

* Shares up 3 pct in early trade (In U.S. dollars unless noted)

TORONTO, Feb 1 (Reuters) - Uranium One Inc UUU.TO announced reserve estimates for its South Inkai and Karatau uranium mines in Kazakhstan on Monday as well as completions of acquisitions of the Christensen Ranch and Irigaray facilities in Wyoming.

Uranium One, which is based in Vancouver, British Columbia, but is focused in Kazakhstan, said that with the addition of reserves at South Inkai and Karatau, its total proven and probable reserves in Kazakhstan increased by 400 percent to 47.8 million pounds of uranium.

The uranium producer, which is partly owned by Russian state-owned nuclear giant Rosatom, said it has closed its acquisitions of Christensen Ranch and Irigaray for $35 million in cash, effective Jan. 25.

The company said it now has a fully licensed and permitted processing facility, which will form the basis of its production plans in the Powder River Basin of Wyoming.

Uranium One shares were up 3 percent at C$3.41 in early trade on the Toronto Stock Exchange on Monday. (Reporting by Euan Rocha; editing by Peter Galloway)

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